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Commerzbank to book 610 million euro restructuring charge in Q4

·1-min read
FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt

FRANKFURT (Reuters) - Commerzbank said on Monday it would book 610 million euros ($744.99 million) in restructuring charges in the fourth quarter after reaching an agreement with staff on previously announced headcount reductions.

The German lender, which is currently planning another overhaul under new leadership, said that the charge would have a negative impact on the quarter's results.

Commerzbank in 2019n announced it would reduce headcount in a series of overhaul measures. Monday's announced charge covers 2,300 full-time positions, the bank said.

Commerzbank recently announced that it would permanently close some branches.

"We are creating the basis for absolutely necessary future cost savings," Chief Financial Officer Bettina Orlopp said.

($1 = 0.8188 euros)

(Reporting by Tom Sims' editing by Riham Alkousaa and Jason Neely)